GSL / Foreign Companies Audit / Audit Anguilla

Audit of an Anguilla company, financial statements, accounting, consulting in Anguilla

Anguilla is a British Overseas Territory in the eastern Caribbean, consisting of a small main island and several coastal islets. It does not have full political independence and sovereignty, but forms its own domestic legislation. The jurisdiction is considered a classic offshore. Among businessmen from all over the world, this offshore jurisdiction is growing in popularity, as it has a reliable reputation, provides high speed of company registration, and is characterized by tax neutrality. The country’s economy is supported mainly by two main areas of activity: offshore registration and maintenance and tourism.

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Service packages Legislation Tax System Audit Services
Preparation of management accounts (for banks)
from 770 USD
Preparation of audited financial statements (for licensed companies, for CFC purposes)
from 1 600 USD
Apostille of financial statements (if necessary)
from 535 USD
Consulting services and support during tax audits
from 200 - 300 USD per hour

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Contents

  1. General requirements
  2. Time frame for submission of financial statements
  3. Audit of accounts
  4. Taxes and other duties
  5. Consolidated financial statements

General requirements

International business companies (IBCs) incorporated in Anguilla must keep accounting records to the extent sufficient to reflect the company’s financial position.

Such companies must keep accounting records and store source documents to be ready at any time to report on their real financial position in case they receive a request from inspection authorities.

International business companies must store all source documents and accounting records in the registered office, or, if documents are outside Anguilla, there must be a record of their actual location.

International business companies are not required by law to hold an annual general meeting, so meetings can take place at any time and in any place of the globe, including by phone or by other means of electronic communication.

Requirements regarding controlled foreign companies are set out in the Tax Code of the Russian Federation in chapter 25.

Time frame for submission of financial statements

IBCs are not required to file financial statements, so no deadline is set by law for their preparation and submission.

The deadline for filing accounts with the Russian tax inspectorate according to legislation on controlled foreign companies is 30 April.

Audit of accounts

There is no requirement to audit IBCs’ financial statements.

According to the norms of Russian legislation on controlled foreign companies, financial statements must be prepared in accordance with the International Financial Reporting Standards (IFRS), and a positive auditor’s opinion of an independent auditor is also required.

Taxes and other duties

Incorporation of an offshore company in Anguilla is attractive for many reasons, but the main reason is the fact that there are no taxes.

International companies are granted a 50-year concession period during which they are allowed to not pay any taxes. The law provides for exemption from all taxes (personal income tax, company income tax, inheritance tax, etc.) starting from the day of incorporation.

Tax exemption does not abolish the annual state duty. It will have to be paid at the rate of 300 USD per year.

Consolidated financial statements

There is no requirement to prepare consolidated financial statements for IBCs.

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